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RIYADH: Last week, Saudi Arabia’s main equity index, the TASI, recorded ten straight days of gains amid heightened investor confidence. Earnings season is starting to get in full swing for listed companies in the Kingdom.

During the last session, TASI gained 0.3% to 12,291 points, while the parallel market name slipped 0.3% to close at 26,071 points.

Other GCC members posted fractional declines on Thursday, including the major indices of Qatar, Oman, Bahrain and Kuwait, all down in the 0.1-0.8% range.

Elsewhere in the Middle East, the Egyptian index EGX30 increased by 0.1%.

that of Dubai DFMGI index and that of Abu Dhabi FTSE ADX General the index were both up on Friday by 1.3% and 0.3%, respectively.

In energy trading, oil prices rose to their highest level in seven years as rising inventories of crude oil and fuel in the United States led to profit taking.

Brent crude oil hit $87.9 a barrel on Friday, and the U.S. benchmark WTI crude oil settled at $85 a barrel.

Stock market news

  • Saudi dairy giant Almarai saw a 21% drop in profits in 2021 as the pandemic and value-added tax, VAT, weighed on its revenue

  • Saudi Real Estate Co., known as Alakaria, has secured a SR400m ($107m) bridge loan to finance part of the price of the land it is buying east of Riyadh

  • East Pipes Integrated Co.’s initial public offering was oversubscribed 71.8 times. The final offer price was set at SR80 per share

  • Arabian Centers Co. said in a stock exchange filing that its board has accepted the resignation of CEO Faisal Abdullah Al-Jedaie, effective January 31, 2022.

  • Digital security firm Elm Co. has set its initial public offering price range between SR113 and SR128 per share. The bookbuilding period will begin today on January 23 and end on January 28.

  • Saudi Basic Industries Corp., also known as SABIC, has launched operations of its petrochemical joint venture with US ExxonMobil on the US Gulf Coast

  • Tadawul approved the listing of SR2.83 billion ($755 million) of public debt instruments, submitted by the Ministry of Finance

  • Saudia Dairy and Foodstuff Co., or SADAFCO, saw a 28.6% drop in profits in the nine months ending December 31, 2021. Profits fell to SR 146 million.

  • Saudi food company Wafrah for Industry and Developments named Khaled Saleh Al Amoudi as CEO on Thursday

  • Dammam-based Gas Arabian Services will begin offering 790,000 shares in an IPO on the Nomu parallel market on Sunday, January 23.

Calendar

January 23, 2022

  • Beginning of the IPO of Elm Co.

  • Launch of Gas Arabian Services IPO Subscription

January 24, 2022

  • Beginning of subscription to the initial public offering of East Pipes Integrated Co.

January 25, 2022

  • End of East Pipes Integrated Co. IPO subscription.

  • Saudia Dairy and Foodstuff Co., SADAFCO, will pay cash dividends at SR3 per share for the first half of its financial year

January 27, 2022

  • End of Gas Arabian Services IPO Subscription

  • End of Scientific and Medical Equipment House IPO book-building

January 28, 2022

  • End of Elm Co.’s IPO.

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